#yao yang

Interesting article by Yao Yang on the challenges facing China's new Politburo today on the FT's A-List

Challenges inside China are no less demanding. The 18th Chinese Communist party congress pledged to double Chinese per capita income by 2020. This is a modest goal when judged against historical records. However, several factors may make it a challenging aim in the rest of the 2010s. Facing an export slowdown, China needs to enlarge its domestic market. However, there is no clear sign that household consumption will increase as a share of the economy, after more than a decade of decline. China’s labour force will peak in 2015; after that, China has to rely on technological progress and human capital to generate more growth. Manufacturing, China’s growth engine, will probably reach a peak in terms of its share in the economy sometime between 2015 and 2020. Change is afoot.